Reliance Industries has acquired a majority stake in the fashion e-commerce platform through a $41.7m majority stake purchase that will enable Google to exit.
Conglomerate Reliance Industries has agreed to pay Rs 2.95bn ($41.7m) for an 87.6% stake in India-based fashion e-commerce platform Fynd, allowing internet technology provider Google to exit, the Economic Times reported on Sunday.
Reliance also has the option to invest an additional $14m in Fynd by 2021, according to a stock exchange filing cited by ET. All Fynd’s existing investors will exit while its founders will retain equity stakes.
Founded in 2012, Fynd has built an online platform that links…
